Vials Market Growth Analysis, Opportunities, Trends, Developments, and Forecasts, 2030

The vials market revenue stood at $1,263.0 million in 2020 and it is projected to reach $3,047.0 million by 2030, and it will progress at a CAGR of 8.6% between 2021 and 2030, as per the estimates of P&S Intelligence, a market research company based in India. The factors driving the expansion of the market are the soaring production capacity of vial manufacturing companies, surging healthcare expenditure, and booming pharmaceutical industry across the globe. The burgeoning requirement for vials for packaging COVID-19 vaccines is also fueling the market growth.

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The expansion of the pharmaceutical industry is one of the prominent factors propelling the growth of the market. Glass vial manufacturers such as Gerresheimer AG and SCHOTT AG have witnessed a sharp surge in the demand for vials from pharmaceutical companies, primarily for use in COVID-19 vaccine production processes. Moreover, many biotech and pharmaceutical companies are making huge investments for expanding their production capacities so that they can meet the worldwide demand for COVID-19 vaccines.

Besides the aforementioned factor, the surging healthcare expenditure in several countries is also propelling the demand for vials. Public awareness about various health-related issues has grown massively over the last few years. Additionally, the outbreak of various life-threatening diseases such as COVID-19 and the growing incidence of infections are augmenting the requirement for glass vials in pharmaceutical packaging. Moreover, the increasing healthcare expenditure, especially in the developing nations such as China and India, is driving the advancement of the market.

Depending on end user, the vials market is categorized into medical, pharmaceutical and biotech companies, and biomedical research organizations. Amongst these, the pharmaceutical and biotech companies category held the largest share in the market between 2014 and 2020, and this trend will continue in the coming years as well. This is ascribed to the burgeoning requirement for pharmaceutical packaging solutions, due to the soaring demand for high-quality drugs such as biologics, and the surging healthcare expenditure in several countries.

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The market is also divided, based on glass type, into fused-silica and borosilicate. Between these, the borosilicate category is predicted to exhibit faster growth in the market in the forthcoming years. This is mainly credited to the fact that borosilicate glass vials are increasingly being preferred by end users such as biotech and pharmaceutical companies for lyophilized and liquid drugs, because of their impermeability, transparency, chemical inertness, cost-effectiveness, thermal stability, and low extractability and leachability.

Globally, Europe held the largest share in the market in 2020, primarily because of the existence of several vial manufacturing companies in the region. On the other hand, in the upcoming years, the vials market will demonstrate the highest CAGR in the Asia-Pacific (APAC) region. This is ascribed to the fact that many companies operating in the industry are focusing on building new plants and augmenting their production capacities to bridge the supply and demand gap in the region.

Thus, it can be said with full surety that the market will exhibit huge expansion across the world in the coming years, mainly due to the increasing healthcare expenditure and expanding pharmaceutical industry in several countries.

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.